The Dubai Free Zones Council discusses initiatives to support businesses and enhance the flexibility of companies

The Dubai Free Zones Council held its 34th meeting under the chairmanship of His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Free Zones Council, where a number of strategic issues related to enhancing the readiness of free zones, supporting business sustainability, and keeping pace with economic and regulatory changes, were reviewed, in line with the directions of the Emirate of Dubai in establishing a flexible, competitive and investment-attractive business environment.

At the beginning of the meeting, the Council was briefed by the economic team on the latest economic initiatives and facilitation packages launched by the Executive Council of the Emirate of Dubai. It also discussed the initiatives presented by the strategy team of the Free Zones Council in supporting the business system and enhancing the flexibility of companies in light of the current conditions at the region level, praising the free zones’ approach in anticipating the requirements of these companies and providing them with integrated support, in a way that reduces operational and financial burdens, enhances investor confidence and facilitates doing business.

In accordance with the requirements of the current stage, the Dubai Free Zones Council continues to work on developing specific initiatives and projects that enhance business continuity, raise organizational readiness, and support new and promising sectors.

The Council discussed the issue of enabling innovation through responsible regulation of the virtual assets sector, and reviewed the Virtual Assets Regulatory Authority’s presentation regarding its role in developing the rules, regulations, and standards necessary to regulate, supervise, and monitor virtual asset platforms and service providers (VASPs), in a way that supports Dubai’s consolidation as a regional and international center for virtual assets and related services, and enhances attracting investments and businesses, empowering customers, increasing awareness, and encouraging innovation, in addition to developing global standards that allow for seamless interoperability, and enhancing economic sustainability and financial security across borders, in harmony with With Dubai Economic Agenda D33.

Aspects of institutional cooperation and coordination for awareness and regulatory support, inspection procedures, complaints handling mechanisms, and cooperation in the field of combating money laundering and terrorist financing were also reviewed.

The Council discussed the issue of creating a supportive environment to expand the scope of local small and medium enterprises and emerging companies in the field of technology that supports Islamic finance and the halal industry.

The discussion also included ways to benefit from free zones as supportive platforms for developing an integrated system that enhances the local production of high-value halal products, and supports startup programs and innovation in the fields of food, agricultural and pharmaceutical technology, in addition to examining solutions for systems for tracking halal products and verifying compliance across supply chains, including developing a system that tracks, records and achieves compliance across the supply chain.

The meeting discussed the readiness of the free zones for the upcoming visit of the Financial Action Task Force (FATF), to assess compliance with combating money laundering and combating the financing of terrorism and the financing of illegal organizations, where a number of proposals were discussed aimed at ensuring that any deficiencies are addressed and avoiding any gaps that may affect the country’s classification.

The Council also reviewed the developments regarding the launch of the “Unified Employment Contract” project in coordination with the General Directorate of Identity and Foreigners Affairs – Dubai, and the completion stages related to unifying contracts, while preserving the institutional identity of each free zone and the applicable work mechanisms, including the implementation stages that began with reviewing contracts and agreeing on the model, through developing electronic connectivity and testing data flow, leading to full connectivity and launching a digital unified employment contract for all free zones.